China’s entertainment and media industry set to reach US$479.9 billion in annual revenue as AI boosts productivity: PwC
- Internet advertising, video games will be main growth drivers for world’s second-largest entertainment and media market, consulting firm says
- Generative AI will provide productivity boost as China’s entertainment and media industry grows faster than global average over next five years
Many companies in China are using generative AI to increase their productivity and creativity, the report said. Generative AI learns patterns from existing data and then generates new data, including images and text, based on user prompts.
“Generative AI will be widely utilised within the E&M [entertainment and media] industry for applications such as gaming, film, television and music production, advertising market and marketing strategies, providing content creators with tools to optimise the creative process and leading to more efficient workflows, as well as innovative content production,” said James Lee, AI and emerging tech consulting leader for PwC Hong Kong in a statement on Thursday.
The technology will allow E&M organisations to transform their business – so long as they manage risks to security, privacy, bias, ethics and brands, he added.
Revenue from China’s overall entertainment and media industry is set to grow at a compound annual growth rate (CAGR) of 6.1 per cent over the next five years, overtaking the global rate of 3.5 per cent for the period, according to the report.
